Nigeria/June 14, 2019/Agency Reporter /No Comment/119 views /nigeria Buhari directs CBN to blacklist firms still importing palm oil | The Guardian Nigeria News – Nigeria and World Newsshare on:FacebookTwitter Google +Pinterest Tumblr Linked InEmailSend to Email Address:Your NameYour Email AddressEmail check failed, please try againCancel Palm oil President Muhammadu Buhari has directed the Central Bank of Nigeria to blacklist any firm, its owner and top management caught smuggling or dumping palm oil into the country. The presidential directive was disclosed by CBN Governor, Mr Godwin Emefiele, at a meeting with oil palm producers on Friday in Abuja. Emefiele warned that henceforth, those caught smuggling palm oil into the country would be blacklisted from all banking businesses and would also be blocked from the foreign exchange market. He said that this also included those who tried to smuggle in palm oil through Customs as “hydrogenated vegetable fats”. He disclosed that close to about N30 billion had already been disbursed to those currently involved in oil palm farming. ALSO READ UEFA Champions League: Messi reaches new milestone as Barcelona beat Liverpool - Premium Times NigeriaThe apex bank governor said that for those coming newly into the oil business, credit facilities would be extended to them through their banks and that Out-Grower schemes would also be organised. “We want to make everybody understand how serious we are and also to emphasise that what we are doing to stop the importation of oil palm into Nigeria is a presidential directive that must be adhered to. “Doing this also means that while we are stopping the importation of palm oil, we must do all possible to ensure that palm oil production is aggressivelyincreased in Nigeria. “Like you all know, and I never cease talking about it that Nigeria in the 50’s and 60’s used to be the largest producer of oil palm in the world with a market share of 40 per cent. ALSO READ Davido’s daughter is 2“For one reason or the other, particularly because we found crude oil that even today by any analysis is cheaper than palm oil, we decided to abandon our God-given gift – palm oil. “By doing that we lost jobs, our farmers lost jobs because we began to import palm oil from different parts of the world,” he said. Emefiele said that the presidential directive also mandated CBN to expand and provide support to firms and individuals that wanted to expand the production of 10 different commodities in Nigeria. The 10 products are rice, maize, cassava, tomatoes, cotton, oil palm, poultry, fish, livestock and cocoa. Edo Governor, Mr Godwin Obaseki, who was at the meeting, said that 118,000 hectares of land had been identified for the oil palm programme in the state. ALSO READ Lassa Fever: Kebbi govt confirms six cases, one death - Premium Times NigeriaHe said that 115,000 hectares would be used for the actual cultivation while three hectares would be used for infrastructure, including roads. “Oil palm and other value crops like rubber, cocoa were the base on which the economy of this country was built at independence. “If we are going to see real growth, we need to go back to those products where we have relatively competitive and comparative advantages.“In the case of Edo, like I will say in the state, we have the advantage of being the home of oil palm in the country,” he said. Leave A Comment Below Related Tags:nigeria share on: FacebookTwitter Google +Pinterest Tumblr Linked InEmailSend to Email Address:Your NameYour Email AddressEmail check failed, please try againCancel previous articleMoroccan Istiqlal Party Rejects US ‘Deal of the Century’next articleMpembe trial: It is a police officer’s duty to report death in custody, court hearsRelated Posts431 shares Nigeria/June 27, 2019 /No Comment Mahmood Yakubu Says INEC Is Most Improved Public Institution in Nigeria448 shares Nigeria/June 27, 2019 /No Comment Procurement of 1000 AK-47 rifles was approved by Jonathan -Amosun reactsSee The Luxury SUV Innoson Will Give Winner Of Big Brother Naija Season 4 [PHOTOS]Aisha Buhari, NPA boss call for gender equality in maritime sector – Premium Times NigeriaBREAKING: Tribunal Dismisses INEC’s, Buhari’s Applications For Dismissal Of PDM’s PetitionTrump deportation threat sows panic among Florida migrants | The Guardian Nigeria News – Nigeria and World NewsSex-for-marks lecturers in trouble – VC warns – Daily Post Nigeria‘Shunning is not the answer’: Salah says Warda can change | The Guardian Nigeria News – Nigeria and World NewsBreaking: Court adjourns Kano kingmakers suit against GandujeBoko Haram kills 29 farmers in fresh Borno attack – Premium Times Nigeria Leave a Response Cancel reply CommentName Email Sign me up for the newsletter! Notify me of follow-up comments by email. Notify me of new posts by email.